My car has a lien that was traded in. What will likely happen?
My husband got a loan from the bank that he used to by another newer car and traded off our other car that had a sub lien on it... what will happen when the dealer realizes that the car had a sub lien?
The new car is registered with DMV but I've noticed the other car is also still registered showing a lien even though it was used as a trade in..
I'm working on paying off loan the loan that is attached to the sublien to remove it; but in the meantime, I need to know what can likely happen in this situation?
- thebax2006Lv 71 month agoBest Answer
The lien is registered on the title. if your sales person was dumb enough not to check the title when you traded the old car in let them worry about it.
- 1 month ago
You should have mentioned this to the dealer to be factored into your loan. It doesn't become a problem until when they go to sell it. The dealer should of had you sign a agreement to hand over the title.
- PercyqtedLv 71 month ago
Don't leave personal possessions in your new car, you may wake up one morning to find it isn't there.
- Anonymous1 month ago
1) If it was a small lien they might just pay it off if they gave you substantially less for credit on your trade-in than it is worth.
2) They may ask you to pay it off in full immediately, which is a legitimate request.
3) If it was a large lien and you didn't disclose it to them, then they can declare the sale and trade null and void and / or they can sue you for fraud.
4) If they knew about this "sub-lean" and still accepted the car as a trade-in, then you needn't worry about it.
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- ArimatthewdaviesLv 71 month ago
The dealer can do one of two things he can annul the sale and come have your. Vehicle towed back the lot if you refuse to bring it back or the dealer can be nice and change the finance papers show that the price of the loan or the lean is reflected on the new car. If you represented that the vehicle there was being traded in was lean free. the auto sales person will probably give you 24 hours to bring the other vehicle back and annul the sale before they contact the police for a criminal fraud situation. But if you simply failed to disclose it they might be nice to you and just tax price on to the new vehicle
- Anonymous1 month ago
You will get sued .